Arjit Chalmela
Arjit Chalmela
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5 things to remember before submitting your Home Loan documents

Owning a house requires families to remember their requirements, income, expenses, and lots more. While it is their dream, you can fulfil it easily by approaching a bank directly or through online sources for a Home Loan. This way, you can secure your future and accomplish the necessary goals.

You need to follow some standard policies such as submitting a list of Home Loan documents and a commitment to repay the entire amount in instalments within the tenure. Here are some things to remember before applying:

Eligibility criteria

The first step to take is ensuring the qualification for a Home Loan. In the beginning, banks assess the borrower’s income and repayment capacity as eligibility criteria. Other important factors include your age, qualification, financial position, number of dependents, spouse’s income, and job stability.

Home first or Loan first

It is better to get the Home Loan pre-approved before selecting the house. Pre-approval helps fix the exact budget and makes the home search focused. It also helps negotiate better and close deals faster. Check with the bank for good schemes and apartments in the preferred location, which relaxes the number of documents and assures homes’ quality.

Loan amount

Most banks provide you with a Housing Loan ranging from 75% to 90% of the property’s cost depending on the value. If there is a co-applicant, the bank considers their income to increase the amount. The co-applicant can be an adult child, parent, or spouse.

Loan cost

When you apply for a Home Loan, the cost is also an important factor. It includes processing fees, interest payments, administrative charges, etc. The borrowing should have zero prepayment charges for floating-rate Loans. Convert it to a lower rate by paying a nominal fee and ensure there are no hidden charges during approval and disbursal.


The Home Loan documents include identity proof, address proof, salary slips/ITR statement, agreement to sell, title deeds, etc. Property papers are essential. Since the original documents such as title deed, agreement to sell, own contribution receipts, etc., remain mortgaged with the bank as a security interest on the property, ensure they offer safe storage and quick retrieval.

You can determine the maximum Loan amount and the interest rate charged according to various tenures. The bank sends an official sanction letter confirming approval of the request.

Final words

Buying a home is no more a hassle. You can apply for a Housing Loan and pay it off easily in equated monthly instalments for tenures lasting up to 30 years. Ensure to submit the documents with the correct information to the bank for quick processing and disbursal.

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